投資
如何計算ROIC（投資資本回報率）
我正在嘗試根據從 Yahoo Financials 收到的數據計算 ROIC。下面是我從該網站收到的綜合輸出，我可以將其中的哪些元素放在一起來獲得 ROIC？
{'balanceSheetHistoryQuarterly': {'AAPL': [{'2019-12-28': { 'accountsPayable': 45111000000, 'cash': 39771000000, 'commonStock': 45972000000, 'inventory': 4097000000, 'longTermDebt': 93078000000, 'longTermInvestments': 99899000000, 'netReceivables': 39946000000, 'netTangibleAssets': 89531000000, 'otherAssets': 33195000000, 'otherCurrentAssets': 12026000000, 'otherCurrentLiab': 40577000000, 'otherLiab': 48648000000, 'otherStockholderEquity': -418000000, 'propertyPlantEquipment': 44293000000, 'retainedEarnings': 43977000000, 'shortLongTermDebt': 10224000000, 'shortTermInvestments': 67391000000, 'totalAssets': 340618000000, 'totalCurrentAssets': 163231000000, 'totalCurrentLiabilities': 102161000000, 'totalLiab': 251087000000, 'totalStockholderEquity': 89531000000, 'treasuryStock': -418000000}}, {'2019-09-28': { 'accountsPayable': 46236000000, 'cash': 48844000000, 'commonStock': 45174000000, 'inventory': 4106000000, 'longTermDebt': 91807000000, 'longTermInvestments': 105341000000, 'netReceivables': 45804000000, 'netTangibleAssets': 90488000000, 'otherAssets': 32978000000, 'otherCurrentAssets': 12352000000, 'otherCurrentLiab': 43242000000, 'otherLiab': 50503000000, 'otherStockholderEquity': -584000000, 'propertyPlantEquipment': 37378000000, 'retainedEarnings': 45898000000, 'shortLongTermDebt': 10260000000, 'shortTermInvestments': 51713000000, 'totalAssets': 338516000000, 'totalCurrentAssets': 162819000000, 'totalCurrentLiabilities': 105718000000, 'totalLiab': 248028000000, 'totalStockholderEquity': 90488000000, 'treasuryStock': -584000000}}, {'2019-06-29': { 'accountsPayable': 29115000000, 'cash': 50530000000, 'commonStock': 43371000000, 'inventory': 3355000000, 'longTermDebt': 84936000000, 'longTermInvestments': 115996000000, 'netReceivables': 26474000000, 'netTangibleAssets': 96456000000, 'otherAssets': 33634000000, 'otherCurrentAssets': 10530000000, 'otherCurrentLiab': 37107000000, 'otherLiab': 51143000000, 'otherStockholderEquity': -639000000, 'propertyPlantEquipment': 37636000000, 'retainedEarnings': 53724000000, 'shortLongTermDebt': 13529000000, 'shortTermInvestments': 44084000000, 'totalAssets': 322239000000, 'totalCurrentAssets': 134973000000, 'totalCurrentLiabilities': 89704000000, 'totalLiab': 225783000000, 'totalStockholderEquity': 96456000000, 'treasuryStock': -639000000}}, {'2019-03-30': { 'accountsPayable': 30443000000, 'cash': 37988000000, 'commonStock': 42801000000, 'inventory': 4884000000, 'longTermDebt': 90201000000, 'longTermInvestments': 145319000000, 'netReceivables': 26278000000, 'netTangibleAssets': 105860000000, 'otherAssets': 34587000000, 'otherCurrentAssets': 12092000000, 'otherCurrentLiab': 40900000000, 'otherLiab': 52165000000, 'otherStockholderEquity': -1499000000, 'propertyPlantEquipment': 38746000000, 'retainedEarnings': 64558000000, 'shortLongTermDebt': 10505000000, 'shortTermInvestments': 42104000000, 'totalAssets': 341998000000, 'totalCurrentAssets': 123346000000, 'totalCurrentLiabilities': 93772000000, 'totalLiab': 236138000000, 'totalStockholderEquity': 105860000000, 'treasuryStock': -1499000000}}]}, 'cashflowStatementHistoryQuarterly': {'AAPL': [{'2019-12-28': {'capitalExpenditures': -2107000000, 'changeInCash': -8559000000, 'changeToAccountReceivables': 2015000000, 'changeToInventory': -28000000, 'changeToLiabilities': -104000000, 'changeToNetincome': 1219000000, 'changeToOperatingActivities': 2362000000, 'depreciation': 2816000000, 'dividendsPaid': -3539000000, 'investments': -10473000000, 'issuanceOfStock': 2000000, 'netBorrowings': 231000000, 'netIncome': 22236000000, 'otherCashflowsFromFinancingActivities': -16000000, 'otherCashflowsFromInvestingActivities': -130000000, 'repurchaseOfStock': -22085000000, 'totalCashFromFinancingActivities': -25407000000, 'totalCashFromOperatingActivities': 30516000000, 'totalCashflowsFromInvestingActivities': -13668000000}}, {'2019-09-28': { 'capitalExpenditures': -2777000000, 'changeInCash': -1927000000, 'changeToAccountReceivables': -8768000000, 'changeToInventory': -785000000, 'changeToLiabilities': 18032000000, 'changeToNetincome': 885000000, 'changeToOperatingActivities': -6319000000, 'depreciation': 3179000000, 'dividendsPaid': -3479000000, 'investments': 2802000000, 'issuanceOfStock': 390000000, 'netBorrowings': -293000000, 'netIncome': 13686000000, 'otherCashflowsFromFinancingActivities': -22000000, 'otherCashflowsFromInvestingActivities': -810000000, 'repurchaseOfStock': -17635000000, 'totalCashFromFinancingActivities': -21039000000, 'totalCashFromOperatingActivities': 19910000000, 'totalCashflowsFromInvestingActivities': -798000000}}, {'2019-06-29': { 'capitalExpenditures': -2000000000, 'changeInCash': 12334000000, 'changeToAccountReceivables': 919000000, 'changeToInventory': 1502000000, 'changeToLiabilities': -16000000, 'changeToNetincome': 1457000000, 'changeToOperatingActivities': -5203000000, 'depreciation': 2933000000, 'dividendsPaid': -3629000000, 'investments': 30120000000, 'issuanceOfStock': 1000000, 'netBorrowings': -5026000000, 'netIncome': 10044000000, 'otherCashflowsFromFinancingActivities': 4000000, 'otherCashflowsFromInvestingActivities': -298000000, 'repurchaseOfStock': -18154000000, 'totalCashFromFinancingActivities': -26804000000, 'totalCashFromOperatingActivities': 11636000000, 'totalCashflowsFromInvestingActivities': 27502000000}}, {'2019-03-30': { 'capitalExpenditures': -2363000000, 'changeInCash': -4954000000, 'changeToAccountReceivables': 2964000000, 'changeToInventory': 70000000, 'changeToLiabilities': -11693000000, 'changeToNetincome': 1176000000, 'changeToOperatingActivities': 4037000000, 'depreciation': 3040000000, 'dividendsPaid': -3443000000, 'investments': 15749000000, 'issuanceOfStock': 390000000, 'netBorrowings': -2506000000, 'netIncome': 11561000000, 'otherCashflowsFromFinancingActivities': -87000000, 'otherCashflowsFromInvestingActivities': 86000000, 'repurchaseOfStock': -23811000000, 'totalCashFromFinancingActivities': -29457000000, 'totalCashFromOperatingActivities': 11155000000, 'totalCashflowsFromInvestingActivities': 13348000000}}]}, 'incomeStatementHistoryQuarterly': {'AAPL': [{'2019-12-28': { 'costOfRevenue': 56602000000, 'discontinuedOperations': None, 'ebit': 25569000000, 'effectOfAccountingCharges': None, 'extraordinaryItems': None, 'grossProfit': 35217000000, 'incomeBeforeTax': 25918000000, 'incomeTaxExpense': 3682000000, 'interestExpense': -785000000, 'minorityInterest': None, 'netIncome': 22236000000, 'netIncomeApplicableToCommonShares': 22236000000, 'netIncomeFromContinuingOps': 22236000000, 'nonRecurring': None, 'operatingIncome': 25569000000, 'otherItems': None, 'otherOperatingExpenses': None, 'researchDevelopment': 4451000000, 'sellingGeneralAdministrative': 5197000000, 'totalOperatingExpenses': 66250000000, 'totalOtherIncomeExpenseNet': 349000000, 'totalRevenue': 91819000000}}, {'2019-09-28': { 'costOfRevenue': 39727000000, 'discontinuedOperations': None, 'ebit': 15625000000, 'effectOfAccountingCharges': None, 'extraordinaryItems': None, 'grossProfit': 24313000000, 'incomeBeforeTax': 16127000000, 'incomeTaxExpense': 2441000000, 'interestExpense': -810000000, 'minorityInterest': None, 'netIncome': 13686000000, 'netIncomeApplicableToCommonShares': 13686000000, 'netIncomeFromContinuingOps': 13686000000, 'nonRecurring': None, 'operatingIncome': 15625000000, 'otherItems': None, 'otherOperatingExpenses': None, 'researchDevelopment': 4110000000, 'sellingGeneralAdministrative': 4578000000, 'totalOperatingExpenses': 48415000000, 'totalOtherIncomeExpenseNet': 502000000, 'totalRevenue': 64040000000}}, {'2019-06-29': { 'costOfRevenue': 33582000000, 'discontinuedOperations': None, 'ebit': 11544000000, 'effectOfAccountingCharges': None, 'extraordinaryItems': None, 'grossProfit': 20227000000, 'incomeBeforeTax': 11911000000, 'incomeTaxExpense': 1867000000, 'interestExpense': -866000000, 'minorityInterest': None, 'netIncome': 10044000000, 'netIncomeApplicableToCommonShares': 10044000000, 'netIncomeFromContinuingOps': 10044000000, 'nonRecurring': None, 'operatingIncome': 11544000000, 'otherItems': None, 'otherOperatingExpenses': None, 'researchDevelopment': 4257000000, 'sellingGeneralAdministrative': 4426000000, 'totalOperatingExpenses': 42265000000, 'totalOtherIncomeExpenseNet': 367000000, 'totalRevenue': 53809000000}}, {'2019-03-30': { 'costOfRevenue': 36194000000, 'discontinuedOperations': None, 'ebit': 13415000000, 'effectOfAccountingCharges': None, 'extraordinaryItems': None, 'grossProfit': 21821000000, 'incomeBeforeTax': 13793000000, 'incomeTaxExpense': 2232000000, 'interestExpense': -1010000000, 'minorityInterest': None, 'netIncome': 11561000000, 'netIncomeApplicableToCommonShares': 11561000000, 'netIncomeFromContinuingOps': 11561000000, 'nonRecurring': None, 'operatingIncome': 13415000000, 'otherItems': None, 'otherOperatingExpenses': None, 'researchDevelopment': 3948000000, 'sellingGeneralAdministrative': 4458000000, 'totalOperatingExpenses': 44600000000, 'totalOtherIncomeExpenseNet': 378000000, 'totalRevenue': 58015000000}}]}}我在這裡看到了一段摘錄，上面寫著
ROIC 的計算方法是稅後淨營業利潤除以平均投資資本。投資資本只是總股本+債務-現金。
NOPAT（營業收入*（1 - 稅率））/平均投資資本（股東權益總額 + 債務 - 現金）。
我有 2019 年所有季度的數據。營業收入似乎是一個總和，年度數字。我認為是 2019 年第四季度的所有其他內容。
operatingIncome = 13415000000 + 11544000000 + 15625000000 + 25569000000 totalStockholderEquity = 89531000000 # Q4 debt = 10224000000 # shortlongtermdebt (Q4) cash = 39771000000 # Q4 nopat = operatingIncome * (1.0-0.2575) nopat / (totalStockholderEquity + debt - cash)我明白了
投資回報率 = 0.81 = 81%。
這看起來對嗎？我用Google搜尋了 AAPL 2019 ROIC，它說 93.03%。它不是太遠。
我沒有做的是對總股東權益 + 債務 - 現金計算取平均值。這篇文章使用了兩個季度的同比，也許這就是差異。
謝謝，
我冒險猜測並說
$$ \begin{align*} \text{ROIC} &= \text{Net Income / Invested Capital (Total Shareholder’s Equity + Debt - Cash)} \ &= \text{’net income’ / (’totalStockholderEquity + ’totalLiab’ - ‘cash’)} \ & = 118773000 / (8704386000 + 3999003000 - 1799082000)\ & = 0.0108923 \end{align*} $$
請隨時在此處提出任何更改建議。